The Federal Reserve's massive easing program has sent both the stock and real estate markets into bubbles, says Thomas Kee, CEO of Stock Traders Daily.

The S&P 500 has almost tripled from its March 2009 low, and the S&P/Case-Shiller 20-City Home Price Index of has increased an average of 6.8 percent annually over the past three years.

Meanwhile, the Fed has kept its federal funds rate target at a record low of zero to 0.25 percent since December 2008, and its balance sheet has bulged to $4.5 trillion.

"Is the stock market in a bubble?" Kee writes on MarketWatch. "Yes, absolutely. It is not the only asset class that is in a bubble. Real estate is also in a bubble, and these prices have absolutely been influenced by [Fed] policy."

The end result may well be a market collapse, Kee says.

"The only way to avoid a crash is to continue to pump money into the system and support an economy that is, in every sense of the word, addicted to stimulus," he writes.

Hedge fund star Julian Robertson, founder of Tiger Management, also is worried about bubbles — in bonds and stocks.

"The economy is definitely getting better," he said at an investment conference Monday, Business Insider reports. "I think the cause of that is two bubbles that will bite us. The first bubble is that bonds are at ridiculous levels."